Since its establishment or starting point, there are questions surrounding bitcoin’s ability to scale effectively. Bitcoin could also be a cryptocurrency that exists within a network of computers, within the blockchain. This is revolutionary ledger-recording technology. It makes ledgers far more difficult to manipulate for a couple of reasons: The reality of what has transpired is verified by majority rule, not by an individual actor. Additionally, this network is decentralized; it exists on computer everywhere on the planet.
The problem with this technology is that it’s slow, especially in comparison to banks that deal with credit card transactions. Visa processes 150 million transactions per day, or as the average of roughly 1,700 transactions per second. The company’s capability actually far surpasses that, at 24,000 transactions per second.
How many transactions can the BTC network process per second? Seven. Transactions take about 10 minutes to process. As the network of bitcoin users grows, waiting times will become longer since there are more transactions to process without a change within the underlying technology that processes them.
Ongoing debates around bitcoin’s technology are concerned with this central problem of scaling and increasing the speed of the transaction verification process. There are two major solutions to this problem: either making the amount of data that need to be verified in each block smaller, thus creating transactions that are faster and cheaper, or making the blocks of data bigger, so that more information can be processed at one time.
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